i3 Verticals (NASDAQ:IIIV) Hits New 52-Week High – Time to Buy?

i3 Verticals, Inc. (NASDAQ:IIIV)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $26.66 and last traded at $24.61, with a volume of 336855 shares. The stock had previously closed at $23.79.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IIIV. Stephens reiterated an “overweight” rating and set a $29.00 target price on shares of i3 Verticals in a research report on Tuesday, November 19th. KeyCorp dropped their price objective on shares of i3 Verticals from $28.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, August 12th. DA Davidson reissued a “buy” rating and issued a $32.00 target price on shares of i3 Verticals in a report on Monday, September 30th. Benchmark restated a “buy” rating and set a $33.00 price target on shares of i3 Verticals in a research report on Tuesday, November 19th. Finally, Raymond James cut their price objective on i3 Verticals from $31.00 to $28.00 and set a “strong-buy” rating for the company in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.14.

i3 Verticals Stock Performance

The stock has a 50-day simple moving average of $23.12 and a 200 day simple moving average of $22.05. The stock has a market capitalization of $833.80 million, a P/E ratio of 5.59 and a beta of 1.53.

Hedge Funds Weigh In On i3 Verticals

Large investors have recently made changes to their positions in the company. Comerica Bank increased its position in i3 Verticals by 46.0% in the first quarter. Comerica Bank now owns 2,133 shares of the company’s stock worth $49,000 after purchasing an additional 672 shares during the period. Quantbot Technologies LP bought a new position in shares of i3 Verticals in the 3rd quarter valued at about $109,000. SG Americas Securities LLC acquired a new stake in shares of i3 Verticals during the 2nd quarter worth approximately $116,000. Atom Investors LP bought a new stake in shares of i3 Verticals during the third quarter worth approximately $218,000. Finally, Sanctuary Advisors LLC acquired a new position in i3 Verticals in the second quarter valued at approximately $292,000. Institutional investors and hedge funds own 84.22% of the company’s stock.

i3 Verticals Company Profile

i3 Verticals, Inc provides integrated payment and software solutions primarily to the public sector and healthcare markets in the United States. It operates in two segments, Software and Services, and Merchant Services. The company offers payment processing services that enables upper and lower court case management, collections, finance and accounting, motor vehicle and carrier registration, e-filing and taxation, license plate inventory, property tax management, utility billing, professional licensing, document workflow, and law enforcement software; assists public schools in completing payment processing functions, including accepting payments for online or at school lunches, and school activities.